Score One for Small Businesses!
On Thursday, April 14, 2011, the President signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayment Act of 2011. It sounds ominous. Not so, it is a victory for small business.
In 2010 there were 2 laws enacted. One would require small business to issue 1099s to virtually all of their suppliers. The other would require owners of rental real estate to issue 1099s to everyone who provided goods or service to the real estate activity.
Yesterday those requirements were repealed.